Audit Skills Training Level 1: Developing Critical Skills for Success in Public Accounting (1AUS)

Each module includes a lecture followed by in-class group case studies and activities. In this two-day course, the following two-hour modules will be presented:

• Day 1:
  • Transitioning to the accounting profession
  • Code of ethics – Importance of professional skepticism and independence
  • Quality management standards
  • Risk assessment basics
  • Internal control fundamentals
  • Compilations and reviews – The contrasting nature of preparation engagements, compilations, and reviews

• Day 2:
  • Auditing cash and cash equivalents
  • Auditing property, plant, and equipment
  • Auditing accounts payable and debt
  • Documentation Basics

• Describe the most critical elements of the Code of Professional Conduct, including professional skepticism and independence
• Understand how to exceed expectations as an entry-level auditor
• Understand the most prevalent accounting and reporting services offered by firms: preparation of financial statements, compilations, reviews, and audits
• Understand and explain the components of audit risk and the steps in the risk assessment process
• Be prepared to audit cash and cash equivalents, property and equipment, accounts payable, accrued expenses, and basic forms of debt
• Be prepared to document the work performed in a manner that meets professional standards